Word: arabia
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Dates: during 1980-1989
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Last week's meeting underscored again the weakened role of Saudi Arabia inside OPEC. While that country still pumps one-third of all OPEC production, it can no longer solely determine world oil policy. Prior to the Iranian revolution, Saudi Arabia virtually dictated crude prices because it had surplus production and could threaten to drive the cost of crude down if the other countries did not follow its lead. Now the Saudis are pumping oil at the rate of 9.5 million bbl. per day, which is 1 million more than before the fall of the Shah of Iran...
...consuming nations can hardly derive much solace from the relatively modest price increases. The current oil surplus is expected to have evaporated by fall. Even if it has not, the Saudis and others could decide to reduce production to keep pressure on prices. Other oil countries believe that Saudi Arabia will soon cut output. Said Kuwait Oil Minister Ali Khalifa al-Sabah: "There is no specific promise, but that is certainly my understanding-if only through the way Yamani held his brow...
...symbolize the modern and the primitive strengths of an economy. The Soviet Union's farms produce more barley, cotton fiber, wheat, oats and rye than those of any other country and?an incongruous sweet touch ?more sugar and honey. Huge petroleum reserves, second only to those of Saudi Arabia, have made the country self-sufficient in energy, although that could change by the middle of this decade because of the difficulty in finding and exploiting oil and gas in remote and inhospitable expanses. By numerous indexes ?electrification, physicians and nurses per capita, teacher-to-pupil ratios, books published...
...Soviet Union, like the U.S., faces serious energy problems in the 1980s. The U.S.S.R. is by far the world's largest oil producer (11.9 million bbl. per day, vs. 9.5 million bbl. for Saudi Arabia). Nonetheless, in the view of many Western energy analysts, the Soviet Union will soon run into a petroleum bind even though the country is an Eden of energy riches...
...half its oil because it has simply outgrown its readily available reserves. The Soviets, on the other hand, still have enormous amounts of oil in the ground, with estimated proven reserves of 67 billion bbl. of oil, compared with 26 billion for the U.S. and 166 billion for Saudi Arabia. But even though Moscow planners are not hindered by environmental protest groups or disagreements between government and industry, they have greater trouble finding the oil, getting it out of the ground and, finally, transporting it to where it is needed...